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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (71340)	8/22/2000 9:59:42 AM
From: ItsAllCyclical	Respond to of 95453

Did anyone just see CNBC's Al Goldman from AG Edwards? Amazing...this man makes a living in this industry. When asked about energy prices if he was concerned he said no. He said they'll return to $25 by year's end (which is still high). He was then asked how that'll be possible given high heating oil demand. He said that HISTORICALLY the supply/demand curve dictated a range of $18-25. Notice the high end supports his price. It's not $18-22. Pretty amazing if you ask me to ignore all other fundamentals than the HISTORIC price of oil. Nothing to say about current supply levels, the economy or extra capacity within OPEC. As a clincher of his ignorance his top picks were CSCO, AOL and GE. When asked about PE levels he said you have to "pay to play". He didn't know what a resonable PE level was anymore. It's just what the market is willing to pay. SCARY. CSCO's is not justified imho, but it's more justfied than GE's 60. When asked about GE he said "well it's growing at 18-20% which is 5x the rate of our ecomony...so maybe it should have a PE of 100. I just feel it's ready to break out". I CAN'T BELIEVE THESE PEOPLE MANAGE MONEY. The dude is old too. Looks like he's thrown in the towel on fundamental valuation techniques.

To: jim_p who wrote (71340)	8/22/2000 9:59:46 AM
From: Wallace Rivers	Read Replies (1) \| Respond to of 95453

Jim: We may have had a back and forth on this before, but how long do you think it will take for resolution in the Phillips litigation? I think it will take a long time. I also think that ROIL should prevail, but one never knows with the courts in Louisiana. Disclosure: Like you, way long ROIL.